Sheridan Mining Company has a December 31 fiscal year end. The following information relates to its Golden Grove mine: 1. Sheridan purchased the Golden Grove mine on March 31, 2020, for $3.40 million cash. On the same day, modernization of the mine was completed at a cash cost of $326,500. It is estimated that this mine will yield 610,000 tonnes of ore. The mine's estimated residual value is $280,000. Sheridan expects it will extract all the ore, and then close and sell the mine site in four years. 2. During 2020, Sheridan extracted and sold 220,000 tonnes of ore from the mine. 3. At the beginning of 2021, Sheridan reassessed its estimate of the remaining ore in the mine. Sheridan estimates that there are still 550,875 tonnes of ore in the mine at January 1, 2021. The estimated residual value remains at $280,000. 4. During 2021, Sheridan extracted and sold 160,000 tonnes of ore from the mine. (a) Prepare the 2020 and 2021 journal entries for the above, including any year-end adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round per tonne value to 2 decimal places, e.g. 12.25 & final answers to 0 decimal places, e.g. 5,275.) 2020 Date Account Titles and Explanation Debit Credit (To record purchase and modernization of mine.) (To record depletion.) (To record cost of goods sold.) 2021